HR 6550 - Legislation To End The Federal Reserve

I just came across a report which led me to an email posted in what looks like Google's web access to various newsgroups. Newsgroups was where it was at in the early days of the web and I guess is still important. The copied email looks to be from someone with the American Monetary Institute. There's also a link to a copy of the bill hosted on the House.Gov website.

Looks like there's more people than Ron Paul who are part of the system that realizes that the Federal Reserve system needs to be changed.

The following is a quote from the Google site.

On Friday December 17th Congressman Dennis Kucinich (D,Ohio, 10th District) took a crucial and heroic step to resolve our growing financial crisis and achieve a just and sustainable money system for our nation by introducing the National Emergency Employment Defense Act of 2010, abbreviated NEED. The bill number is HR6550.

I checked out the bill and from a quick scan I found this.

(12) The monetary policies of the Board of Governors of the Federal Reserve System have compounded the economic crisis by failing to take decisive action to move the economy forward, Wall Street which was bailed out by the American people is not investing its rising assets in Main Street

And this.

(18) The enactment of the Federal Reserve Act in 1913 by Congress effectively delegated the sovereign power to create money, to the Federal Reserve system and private financial industry.
(19) This ceding of Constitutional power has contributed materially to a multitude of monetary and financial afflictions, including—
(A) growing and unreasonable concentration of wealth;
(B) unbridled expansion of national debt, both public and private;
(C) excessive reliance on taxation of citizens for raising public revenues;
(D) inflation of the currency;
(E) drastic increases in the cost of public infrastructure investments;
(F) record levels of unemployment and underemployment; and
(G) persistent erosion of the ability of Congress to exercise its Constitutional responsibilities to provide resources for the general welfare 2 of all the American people.

Here's a link to the Google site.
groups.google.com...

And one to the PDF file detailing the bill.
kucinich.house.gov...

Holy Guacamole! Now this is news! This could be the start of something big. Great post! S&F!

I'm not sure how ending the Fed. would play out considering the tangled web of debt and deal-making that's been weaved from having the it run,I mean ruin, things. It could get really ugly especially when it comes to dealing with Wall Street and the bankers. Dealing with the toxic assets, bond purchases and paying back foreign purchasers of our debt are other big problems as well. Hopefully,they've already got a game plan worked out.

Maybe they'll drop the Federal Reserve Note and start issuing Homer Simpson Gold Certificates or something.

I just checked out the story on the American Monetary Institute website. They add a little more clarification.

The National Emergency Employment Defense Act of 2010 would allow the federal government to directly fund badly-needed infrastructure repairs and fund education systems nationwide by spending money into circulation without increasing the national debt. The bill would end the current practice of fractional reserve lending, whereby the economy depends upon private financial institutions to lend money into circulation.

moneyreform.wordpress.com...

Now that's change I can believe in.

Awesome - thanks for this news! Will follow ...

S&F

reply to post by LazyGuy


Yes, no kidding! This is just what we NEED

Between this, and Ron Paul chairing the finance subcommittee, I have hope for the first time that we really may be able to turn this around.

The only caveat I have is that time Kucinich disappeared into that "secret meeting" with Obama. Anybody ever find out what that was all about? You know how they like to take over the opposing movements ... "if you can't beat 'em, lead 'em". That episode put a little question mark next to Dennis for me. Hopefully, he was just playing politics, but he looked a little smug ...

I like this news. Good times is upon us.

Remember, the federal reserve went back to jeckyll island this year. They are prepping the new monetary system. Funny how they went back to the drawing board once all the true commerce information was released (Becoming a secured party creditor of a legal entity).

I know this bill has my support and I'm guessing that many of you here on ATS agree with me. The Federal Reserve has been flushing money into the economy time after time calling it a quantitative easing in order to confuse the facts. They're basically printing money out of nothing and giving it away. So far quantitative easing hasn't worked. It's time to try something else. Let's END THE FED.

Looks like recent polls have been done that say that the American People would support changing the Federal Reserve system.

More Than Half of U.S. Wants Fed Curbed or Abolished

Dec. 9 (Bloomberg) -- A majority of Americans are dissatisfied with the nation’s independent central bank, saying the U.S. Federal Reserve should either be brought under tighter political control or abolished outright, a poll shows.

Source

Awesome! Bout time some politicians stepped up to the plate.

I only wonder if "The people" will realize how important a bill like this is. Of course it will be downplayed, the perspective will be twisted to fit an agenda, but we can market harder than they can, because we have face-to-face encounters and they can only reach us through boob-tubes, pardon my French.

Let's end this mess!

Originally posted by lawlb0t
Remember, the federal reserve went back to jeckyll island this year. They are prepping the new monetary system. Funny how they went back to the drawing board once all the true commerce information was released (Becoming a secured party creditor of a legal entity).

The destruction of the dollar seems deliberate. I'm sure they've got plans for the next system that will make the bankers richer. There've been rumors of creating a new regional currency like the Euro and calling it the Amero but they might try to skip directly to the one world currency.

H.R. 6550:
To create a full employment economy as a matter of national economic defense;

To create a full employment economy as a matter of national economic defense; to provide for public investment in capital infrastructure; to provide for reducing the cost of public investment; to retire public debt; to stabilize the Social Security retirement system; to restore the authority of Congress to create and regulate money, modernize and provide stability for the monetary system of the United States, retire public debt and reduce the cost of public investment, and for other public purposes.

These are always popular with the public, but rarely ever make it out of committee.

It will never happen. The FED will not give up control. Not trying to sound like a know it all, but the FED are dug in too deep. They will not give up the power, would you?

more pomp and performance for the end of the year/term claims ... reads more like a political pitch rather actual reform. As much as i despise the FedRes, this won't pass now and can subsequently be tossed aside as a 'has been already tried' in the new Congress. Don't get excited, they are just paving the roadway.

Well I guess the Socialist in the House of Representatives is standing up strong to the banking elite. It's about time someone besides just Ron Paul steps up to plate whether or not this actually materializes.

for your Mr. Kucinich!

This is very good news! Makes me proud that Dennis Kucinich is my Congressman. It is certainly good to see at least one other supporting what Dr. Paul has been trying to do for years now, banish the private owned, greedy and criminal central banning institution for once and for all. Only the Treasury has the Right, given by the People, to "coin money," and only gold and silver is to be used to "pay all debts, both public and private."

Originally posted by whatukno
H.R. 6550:
To create a full employment economy as a matter of national economic defense;

To create a full employment economy as a matter of national economic defense; to provide for public investment in capital infrastructure; to provide for reducing the cost of public investment; to retire public debt; to stabilize the Social Security retirement system; to restore the authority of Congress to create and regulate money, modernize and provide stability for the monetary system of the United States, retire public debt and reduce the cost of public investment, and for other public purposes.

These are always popular with the public, but rarely ever make it out of committee.

EVERY one of their benefits of the bill points are very positive and exactly what this country needs.

They got all of the "Patriots" to vote for a bill that strips us of our rights.
What could be more patriotic than ACTUALLY fixing America?

Good find OP. Everybody needs to contact their congress critters and let them know we support this bill. It would definitely be a step in the right direction. Let's hope and pray it passes.

reply to post by LazyGuy


Don't get me wrong, I am all for the idea of firing the Fed.

A private company who has this much power over our monetary policy is beyond illogical.

I am just giving you the reality of the situation, that's what happens to these bills, while they are indeed a good idea and I do support them, they rarely ever get out of committee.

Hell, if it were me, I would dump the Federal Reserve tomorrow. The US would mint it's own currency, and I would make it to that the Federal Reserve would be on the hook for our entire debt.

Can you imagine a private company on the hook for the entirety of the national debt? I mean I like the idea personally.

It sure as hell would improve the power of the dollar, all of a sudden, they would have no assets and owe the world a crapload of debt. Sure, it would completely destroy the world economy, and probably cause a 10 year long recession that would make the great depression look like a mild market adjustment.

But in the long long run, it would be better for the US and better for everyone.

reply to post by whatukno
Sounds good to me. 10 years of privation in order to get our country back? I am all for it.

Wow. Maybe the emergency wartime powers which they've kept in play for their own nefarious purposes for more than 50 years can come into play here....they use it against the people all the time....but here's proof that emergency powers could turn around and bite them on the proverbial.

Wonderful news. and well done for spotting this. Needs to go viral.